Filing Flows › TPG (TPG) › Q1 2026
TPG (TPG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
TPG (TPG) reported revenue of $500M for the first quarter 2026 (Q1 2026), -52% from a year earlier and -66% from the quarter before. Operating margin was -28.1%, net loss $123M (24.7% of revenue).
TPG, Q1 2026: revenue $500M (-52% year over year), operating margin -28.1%, net loss $123M, operating cash flow $177M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $500M | -66% | -52% |
| Operating profit | −$141M | -146% | -249% |
| Net earnings | −$123M | -260% | -585% |
| Operating cash flow | $177M | — | -11% |
What changed
Revenue was $500.0M in Q1 2026, down 52% year over year and down 66% from the previous quarter. Management fees was the largest line at 96% of revenue. Expense reimbursements and other lost $5.6M year over year (down 9%), 1% of the total change.
Operating costs exceeded revenue by $140.7M, an operating margin of -28.1%. Total costs fell 32% while revenue fell 52%. The quarter ended with a net loss of $123.3M, after a profit of $282.4M the previous quarter. Minority interests bore $121.8M of it: to shareholders the quarter was a loss of $1.5M.
Operating cash flow was $176.5M (down 11% year over year). Non-cash charges added back $41.8M of depreciation and amortization and $255.1M of share-based compensation.
Questions
What was TPG's revenue in the first quarter 2026?
TPG (TPG) reported revenue of $500M for the first quarter 2026 (Q1 2026), -52% from a year earlier and -66% from the quarter before.
Was TPG profitable in the first quarter 2026?
Operating loss was $141M (-28.1% of revenue) and net loss $123M.
Source: TPG 10-Q on SEC EDGAR.